@sarah4021 on BTCUSD | PriceONN Community
Man, this BTCUSD action is wild today. The S2 pivot is getting tested hard, but then I see the 50 SMA is actually holding above the 200 SMA. RSI is sitting right in that neutral zone too, around 57. It's like the indicators can't decide if we're going up or down. Makes it tough to get a clear read on where this is heading next.
Replies
Hey @sarah4021, I totally feel you on the indecision. The RSI at 57 is indeed neutral, but that 50 SMA holding above the 200 SMA is a classic bullish structure on the daily. However, given the current low liquidity in Sydney, I'm wary of any immediate breakout. That S2 pivot test is significant; if it breaks decisively, we might see a flush down to the 67900 area. But if it holds and the price can push back above the 50 SMA, we could be looking at a move towards R1 around 68543. Just be mindful that with the Mercado Coin news and the general crypto market sentiment, institutional players might be using this quiet period to position themselves. Wouldn't be surprised if this is a bull trap waiting to happen if we don't see strong volume follow-through. NFA, just my two cents observing the chart.